"I view asking the Board to choose between us [as] an abdication of my responsibility to lead," Golub added.

Golub said he is resigning for "the simple reason" that he believe it will be easier for AIG to replace its chairman than its CEO as the troubled insurer faces both corporate restructuring and the development of a plan to exit government control.

AIG (AIG, Fortune 500) has been selling off divisions of its company to pay back the $102 billion it owes taxpayers, after the struggling insurer took a series of bailouts from the government.

Robert S. (Steve) Miller will replace Golub. In his own statement, Miller said the company will "remain fully committed" to paying back the bailout money and restructuring to become a more focused insurer "worthy of investor confidence."

In Buffalo, New York, the city is selling vacant homes for a $1 to those who are willing to fix them up and live in them for a few years. But as many buyers soon find out, the cost to renovate these super cheap properties can quickly add up. More